Park Central Hotel in Miami Beach receives $40M loan

Miami /
Mar.March 17, 2015 09:45 AM

The Park Central Hotel on Ocean Drive secured a $40 million construction loan, HFF announced recently.

BB&T Real Estate Funding granted the financing, which will be used to redevelop the three existing Art Deco buildings — the Park Central, the Imperial Hotel and the Heathcoat Apartments — and a vacant lot, which will all be converted into a 135-room boutique hotel with three new restaurants totaling 8,100 square feet, a rooftop glass-bottom pool, a ground-floor pool with ocean views, 24 suites and 1,380 square feet of meeting space, according to a press release.

The hotel is slated for completion in early 2017 and will be located at 620 to 650 Ocean Drive, directly across from Lummus Park.

The HFF team was led by managing director Jim Dockerty, associate director Scott Wadler, and analyst Marc Roth.

“When completed, the Park Central Hotel will re-establish Ocean Drive as a luxury boutique hotel and fine-dining destination,” Dockerty said in the press release.

Park Central Partners, an affiliate of Optimum Asset Management, bought the three hotels in July 2013 for $34 million, according to Miami-Dade County property records. The company also bought the vacant lot next door for $5.27 million, bringing the total to nearly $40 million and 0.75 acres.


Related Articles

arrow_forward_ios
Mango’s Cafe and The Clevelander (Google Maps)
Emergency curfew in Miami Beach upends weekend for nightlife venues
Emergency curfew in Miami Beach upends weekend for nightlife venues
Pour some more! Judge blocks Miami Beach’s 2 am alcohol sales ban during Spring Break, as bars and hotels cheer
Pour some more! Judge blocks Miami Beach’s 2 am alcohol sales ban during Spring Break, as bars and hotels cheer
Pour some more! Judge blocks Miami Beach’s 2 am alcohol sales ban during Spring Break, as bars and hotels cheer
Bars, restaurants and nightclubs on hold as Miami Beach commissioners debate proposals for 2 a.m. last call for booze
Bars, restaurants and nightclubs on hold as Miami Beach commissioners debate proposals for 2 a.m. last call for booze
Bars, restaurants and nightclubs on hold as Miami Beach commissioners debate proposals for 2 a.m. last call for booze
Government watchdog memo reveals reasons for clearing Dan Gelber of unlawful campaign fundraising
Government watchdog memo reveals reasons for clearing Dan Gelber of unlawful campaign fundraising
Government watchdog memo reveals reasons for clearing Dan Gelber of unlawful campaign fundraising
Dan Gelber and Ocean Drive (Getty)
Case closed: Miami-Dade ethics commission dismisses complaints against Dan Gelber
Case closed: Miami-Dade ethics commission dismisses complaints against Dan Gelber
Charissa Davidovici, founder of Sugar Factory, with the Ocean Drive location (Getty)
Bittersweet tenant: Sugar Factory owner sues Nakash over Ocean Drive lease
Bittersweet tenant: Sugar Factory owner sues Nakash over Ocean Drive lease
Dead end: Nakash entities sue Miami Beach for closing off Ocean Drive to vehicles
Dead end: Nakash entities sue Miami Beach for closing off Ocean Drive to vehicles
Dead end: Nakash entities sue Miami Beach for closing off Ocean Drive to vehicles
Dan Gelber and Ocean Drive 2 a.m. last call cruise to victory in Miami Beach
Dan Gelber and Ocean Drive 2 a.m. last call cruise to victory in Miami Beach
Dan Gelber and Ocean Drive 2 a.m. last call cruise to victory in Miami Beach
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...